We follow this morning: the highlights of the annual meeting of the Islamic Development Bank in Sharm El-Sheikh

Good morning, dear readers. Our newsletter is full of commodity and climate news At the beginning of the first working week during the month of June

The most prominent local news – Egypt agrees to obtain $ 3.5 billion in funding, During the annual meetings of the Islamic Development Bank in Sharm El-Sheikh last weekend. These include another $ 3 billion from the International Islamic Trade Finance Corporation to support Egypt’s food and energy imports, and $ 500 million from the World Bank to help it buy, store and grow more wheat.

And also – The government is in talks with India over the exchange of wheat shipments that Egypt has requested for fertilizer.

Emirati investments continue to flow to Egypt:

  • The Egyptian company Infiniti andsource Emirati He is close to acquiring a 60% stake in Actis in Lekela Power, in a deal that could be worth up to $ 1 billion.
  • The Emirati Al-Futtaim Group aims to invest an additional billion dollars in Egypt by 2025, It also aims to attract more of its international partners to invest in the local market.

A lot of commodity news is coming to you from Sharm El Sheikh, where we attended the annual meetings of the Islamic Development Bank this weekend. The meetings brought together many Egyptian and global leaders, from CEOs of international companies, to ministers of member states of the Islamic Development Bank, to policymakers, NGOs and founders. The meetings witnessed a strong presence of senior Egyptian officials, all of whom tried to focus on the main points on the COP27 agenda, which is how to transform COP26 policy prescriptions from mere rhetoric to actual implementation.

Egypt has signed several agreements on the sidelines of the meetings. Including an agreement with the International Islamic Trade Financing Corporation to double the $ 3 billion financing agreement for Egypt, and potential $ 500 million funding from the World Bank to buy and grow wheat – plus other strategic negotiations on the sidelines of the summit on our food security (we have These details are in the news below).

But unlike those agreements, the meetings provided policymakers with the opportunity to have honest and courageous discussions. We mean it when we say straight out: the difficult and uncomfortable facts were mentioned and acknowledged during the discussions, which we will talk about in more detail after the news below.

A new bank headquarters in EgyptThe Islamic Development Bank has officially inaugurated its new regional headquarters in Cairo. The President of the Islamic Development Bank, Mohamed Al-Jasser, said in a statement (PDF) that this step comes within the framework of “his zeal to cooperate and coordinate with development partners, as well as to establish strong partnerships with the private sector.”

We can not fail to thank the Minister of Planning, Hala Al-Saeed – who hosted the meetings – and her team who invited us to travel to attend these important discussions, making us feel that these meetings were a precursor to what was going to happen at COP27.

A heat wave hits the country: The country will see a heat wave in the coming days, with maximum temperatures rising to between 35 and 37 degrees Celsius during the week and until Friday, while the lowest temperatures will record 23 degrees, according to forecasts by the General Meteorological Authority. But weather programs expect daytime temperatures to rise to 42 degrees by the end of the week.

happens today –

This is PMI day for Egypt and Saudi Arabia, What is expected at 6:15 a.m. Cairo time will be released. The non-oil private sector in Egypt shrank for the 17th consecutive month in April, after rising inflation affected demand and production.

The monthly Bulletin of the Central Agency for Public Mobilization and Statistics is also issued today for the prices of the main building material.

The Africa Medical Conference “Africa Health X Cone” kicks off today.And it will continue until Tuesday, June 7, at the Egypt International Exhibition Center (Al-Manara Center for International Conferences), and at Al-Massa Hotel in the New Administrative Capital.

in notebook –

The House of Representatives will hold its plenary sessions from today to Tuesday. The following are the highlights of the council’s agenda:

  • The Minister of Trade and Industry, Nevin Jameh, will attend the plenary session scheduled for today to answer the questions of the delegates On the government’s plans to boost industrial investment, improve the business climate for manufacturers and locate some sectors, including the automotive industry.
  • Environment Minister Yasmine Fouad will attend the plenary session scheduled for tomorrow, Mondayto talk about pollution in the Nile, beaches, lakes, nature reserves and government policies to address the impact of climate change.
  • land taxParliament will on Tuesday discuss the reports of parliamentary committees on the extension of the 14% land tax suspension for another year until July 2023.

Will we see an agreement this month to export gas to the European Union? Egypt and Israel will sign an agreement with the European Union this month to increase liquefied natural gas exports as the bloc scrambles to find new suppliers and reduce its dependence on Russian gas, according to a draft document seen by Bloomberg. Cairo and Tel Aviv are expected to reach an agreement when European Commission President Ursula von der Leyen visits Egypt this month. Bloomberg reported last month that the plan would see Israel increase natural gas exports to Egypt’s natural gas liquefaction facilities, from where gas will be shipped to Europe.

One problem: a lack of capacity. With only two liquefaction plants, Egypt currently does not have the capacity to supply Europe with the quantities of gas it needs. Petroleum Minister Tarek El Molla said this recently Egypt It may take another two or three years It could therefore increase its exports across the Mediterranean.

The government is well aware of this: New LNG terminals and pipelines are part of the government’s infrastructure plans, as it wants to position itself as a major supplier of gas to Europe in the coming years.

Do not expect to issue sovereign sukuk this month: Egypt has postponed the issuance of sovereign sukuk for the financial year 2023/2022, Finance Minister Mohamed Maait told Ahram Online, while the size of the planned issuance, which he says has not yet been determined, will depend on the conditions of world markets. Before the Russian invasion of Ukraine paralyzed markets worldwide, Egypt had hoped to launch a Sharia-compliant bond issue before the end of June 2022.

The most prominent economic indicators we expect in the new month:

  • foreign exchange reserves: We expect the foreign reserves’ figures to be released by the end of May next week.
  • Inflation: Inflation data for May will be released at the end of this week by the Central Agency for Public Mobilization and Statistics and the Central Bank of Egypt.
  • prices Advantage: The Monetary Policy Committee of the Central Bank of Egypt will hold a meeting on Thursday, June 23, to review interest rates.

Developments in the industrial partnership between Egypt, the UAE and JordanThe industry ministers of Egypt, the United Arab Emirates and Jordan will meet in Cairo in July to follow up on the industrial partnership agreed in Abu Dhabi last week, the Egyptian Ministry of Trade said in a statement on Friday. Supported by ADQ’s $ 10 billion investment, the initiative will support sustainable economic growth and increase industrial production by channeling financing to industrial projects in the three countries.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

The world’s most prominent news –

The international press continues to shed light on the situation in global markets With increasing inflationary pressure on asset classes of all kinds. And Bloomberg published a report in which he says that what all stock traders are concerned about is the macroeconomics, and it also indicated in another report that the flow of easy money to the markets has stopped.

U.S. billionaire Elon Musk plans to lay off 10% of his Tesla employees. He said in an email to his executives that the move was the result of his “very bad feeling” about the economy, before withdrawing those remarks at a later date, according to Reuters..

There is a case of debate in the United States about who exactly failed to predict the rise in inflation to its highest levels in decades: US Treasury Secretary Janet Yellen has insisted she did not warn US President Joe Biden in advance that the injection of billions of dollars’ worth of stimulus packages into the US economy could fuel price increases, a claim made in a recently published book was made.

Welcome to a new issue of “What’s Next”: The first exclusive frontier market platform exploring the next generation of successful companies in Egypt, UAE and Saudi Arabia, and exploring investment trends and future growth journeys for the sectors.

In today’s issue: We look at how the start-up scene is developing in Nigeria, and how Egyptian start-ups can expand in the countryso. We continue to pass on all the knowledge we have gained from our recent trip to Lagos and the conversations we have had with some of Nigeria’s top entrepreneurs. This week we look at how the start-up scene in Nigeria is developing, the challenges facing companies, and how Egyptian start-ups can expand in the country.

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